IFRS Accounting for Oil and Gas

Mastering Financial Reporting Excellence in the Energy Sector

IFRS for Oil & Gas: Master financial reporting, compliance.

Please inquire for pricing | Available Online and In-class

Date	Venue	Duration
14 - 18 September 2026	Cape Town	5 Days
07 - 11 December 2026	Sandton	5 Days

Course Introduction

IFRS Accounting for the Oil and Gas Industry is an intensive program designed specifically to tackle the unique financial reporting and compliance challenges faced by organizations in the oil and gas sector. Aligned with International Financial Reporting Standards (IFRS), this course equips participants with practical expertise to navigate complex regulatory landscapes, elevate financial transparency, and harmonize accounting practices with global benchmarks.

Over five comprehensive days, you will delve into the intricacies of IFRS as applied to oil and gas operations—covering everything from exploration and evaluation expenditures to asset recognition, impairment assessments, and production sharing agreements. This IFRS Accounting for Oil & Gas training blends theoretical foundations with hands-on case studies to ensure you can confidently manage accounting processes and prepare robust financial statements within this dynamic industry.

Course Objectives

By the end of this IFRS Accounting for Oil & Gas course, you will be able to:

Achieve a thorough understanding of IFRS requirements specific to the oil and gas sector.
Apply IFRS principles to exploration and evaluation activities.
Navigate the complexities of asset capitalization, depreciation, and amortization under IFRS.
Accurately recognize and measure oil and gas reserves for reporting purposes.
Comply with financial reporting requirements for production sharing and joint venture agreements.
Prepare and analyse IFRS-compliant financial statements for oil and gas entities.

Who should attend?

This IFRS Accounting for Oil & Gas training course is ideal for:

Accountants and auditors in the energy sector
Financial controllers and CFOs
Compliance officers and regulatory professionals
Corporate finance executives
Policymakers and industry regulators
Anyone involved in oil and gas financial reporting or oversight

Training Methodology

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.

Training Outline

Module 1: Introduction to IFRS in Oil & Gas

Overview of IFRS and its significance in the oil and gas industry
Comparison of IFRS with alternative financial reporting frameworks
Key IFRS standards for oil and gas operations
Financial statement structure and presentation

Module 2: Exploration & Evaluation Activities under IFRS

Accounting for exploration and evaluation expenditures
Treatment of exploratory wells, survey costs, and related expenditures
Capitalization criteria in accordance with IFRS 6
Depreciation, amortization, and impairment of exploration assets
Required disclosures for exploration and evaluation activities

Module 3: Asset Recognition, Capitalisation & Decommissioning

Recognition and measurement criteria for oil and gas assets
Capitalization of development and tangible asset costs
Accounting for decommissioning liabilities and asset retirement obligations
Valuation and recognition of reserves
Case studies on asset capitalization

Module 4: Impairment Considerations & Production Sharing Agreements

IFRS impairment testing and indicators for oil and gas assets
Calculating recoverable amounts and recognizing impairment losses
Accounting and reporting for production sharing agreements (PSAs)
Revenue recognition and cost recovery mechanisms in PSAs
Financial disclosures for PSAs and joint ventures

Module 5: Preparing IFRS Financial Statements

Structure and content of IFRS-compliant financial statements for oil and gas entities
Consolidation of subsidiaries and international operations
Preparation and presentation of statements of cash flows under IFRS
Auditor’s reports and compliance checks
Anticipated impacts of future IFRS developments on the oil and gas industry